The Future of Print

Another Analyst Turns Bullish Sort Of On Newspaper Stocks

Posted in Boom by futureofprint on January 18, 2010

NEW YORK Newspaper stocks have come back so far from their parlous state a year ago that the sector now ranks among the market’s best performers, the chief analyst for Zacks Investment Research Inc. says in his latest report.Zacks Chief Equity Strategist Dirk Van Dijk says newspapers now rank seventh-best among 206 industries tracked by the Chicago-based firm. Two stocks — Gannett Co. Inc. NYSE: GCI and The New York Times Co. NYSE: NYT — are now given No. 1 ratings in its stock evaluation system.Newspaper stocks across the board are trading at or near 52-week highs, and some have rebounded spectacularly since hitting all-time low prices in the winter of 2009.Gannett’s share price, for instance, is up 103% from a year ago. Stock in The McClatchy Co. NYSE: MNI sunk below $1 a share last year, and only narrowly avoided being delisted by the New York Stock Exchange. A year later, McClatchy shares have soared 322%.Still, newspaper stocks remain near historic lows. McClatchy shares in January of 2005, for instance, traded for around $60. On Wednesday, McClatchy shares closed at $5.06.

via Another Analyst Turns Bullish Sort Of On Newspaper Stocks.

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